Warren Buffett: ‘Trickle Down’ Theory Hasn’t Worked (VIDEO)

Billionaire Warren Buffett said that the Bush tax cuts should be allowed to expire for the richest Americans and that the “trickle down” economic theory hasn’t worked.

“If anything, taxes for the lower and middle class and maybe even the upper middle class should even probably be cut further,” Buffett told ABC News in an interview set to air later this week. “But I think that people at the high end — people like myself — should be paying a lot more in taxes. We have it better than we’ve ever had it.”“The rich are always going to say that, you know, just give us more money and we’ll go out and spend more and then it will all trickle down to the rest of you. But that has not worked the last 10 years, and I hope the American public is catching on,” Buffett said in the clip from ABC News’ “This Week with Christiane Amanpour.”